Kapil Mehta, Sr. Director, Technology Solutions, Visionet

 The impact of AI is quietly reshaping lives in India. Over 74% of Indian enterprises are already working with AI. A recent report released by NetApp, states that India is among the leading countries for AI innovation. In addition to providing unique opportunities, India provides a perfect “playground” for enterprises and institutions globally to develop scalable solutions.

The adoption of AI across the retail, banking and healthcare sectors is expected to result in annual cost savings of $11 billion, up from a projected $6 billion in 2018. With AI integration across sectors, aspects such as customer experience, data security and data analytics are set to improve in the coming years. This widespread integration sets a robust foundation for further advancements and sector-specific innovations.

In the retail sector, AI-enhanced engines analyze customer data to provide personalized products or services thereby boosting sales and satisfaction among customers. The market for artificial intelligence in retail is expected to reach $51.94 billion by 2028 from $4.84 billion in 2021. In the banking domain, fraudulent activities can be reduced through real-time analysis of transaction patterns using AI-enabled systems, which also safeguards the financial assets belonging to clients. Healthcare providers can accurately diagnose diseases and plan for treatment methods that are specific to each patient by using AI-powered diagnostic tools that analyze medical images, patient data, and genetic information.

On this National Technology Day and beyond, we are committed to expanding the use of AI in India and helping businesses across industries leverage this cutting-edge technology to achieve their goals. Through our expertise and experience across the sectors we service, Visionet is looking forward to driving impactful change in India’s rapidly changing digital landscape with AI, thus driving startups and large businesses alike in their quest to lead with innovation.